ChrysCapital Acquires 90% Stake in Theobroma for ₹2,410 Crore in Strategic Bakery Deal

Private equity firm ChrysCapital is making a major bet on India's food and cafe landscape by acquiring a controlling 90% stake in the well-known bakery chain Theobroma for ₹2,410 crore, as per an Economic Times report. The landmark transaction is expected to boost sector confidence and amplify ChrysCapital’s ambitions in the quick-service restaurant (QSR) market.

ChrysCapital Enters the Bakery Space with ₹2,410 Crore Theobroma Deal

Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma has grown from a single outlet in Mumbai to over 200 stores across more than 30 Indian cities. ChrysCapital now acquires control from Theobroma’s founding family and existing investor ICICI Venture, which held a 42% stake. Post-deal, the founding family will retain 10% of the firm.

Valuation Below Expectations but Still a Sector Milestone

The deal, initially targeted at ₹3,000 crore, was finalised at ₹2,410 crore due to a period of soft financial performance. Still, it marks a notable transaction in the food service industry where high-value deals had slowed amid unstable market sentiment. Theobroma recorded ₹400 crore in revenue in FY24 and expects to reach ₹525–₹550 crore in FY25, with EBITDA forecasted at ₹80–₹100 crore.

Strategic Moves and ChrysCapital’s Vision

With this acquisition, ChrysCapital is setting the foundation for a broader QSR platform. The private equity giant is also reportedly interested in other food brands like The Belgian Waffle Co. This strategy indicates a focused build-out of a multi-brand food services network across India.

Read More: Namakkal Restaurants Turn to Tamil Nadu-Based Zaaroz, Move Away from Swiggy and Zomato!

Backstory and Industry Interest

Theobroma had also attracted suitors such as Bain Capital, Carlyle, and Switz Group, indicating the growing investor appetite in food retail. Despite skipping its planned IPO due to market volatility, the brand remains a desirable asset in the fast-growing baked goods segment, known for its signature brownies and cakes.

Conclusion

ChrysCapital’s ₹2,410 crore investment in Theobroma highlights renewed confidence in India’s food retail sector. The transaction not only reinforces the strength of legacy food brands but also signals the potential for scalable ventures in the QSR ecosystem.

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